The co-founder and Chairman of Oracle, Larry Ellison has become the world’s richest person, surpassing Elon Musk with an estimated net worth of $393 billion.
This significant surge is attributed to Oracle’s impressive quarterly results, which exceeded Wall Street expectations and showcased remarkable growth in its cloud infrastructure business.
The company’s stock price skyrocketed over 40% in a single day, adding a staggering $101 billion to Ellison’s fortune. Some of the factors that contributed to Ellison’s wealth are as follows:
- Oracle’s Stock Performance: The company’s shares have gained around 45% this year, driven by investor confidence in its cloud computing capabilities.
- Cloud Computing Deals: Oracle has secured four multi-billion-dollar contracts, including partnerships with OpenAI, Nvidia, Meta, and AMD, solidifying its position in the cloud infrastructure market.
- Artificial Intelligence: Oracle’s AI database and infrastructure solutions have been well-received by investors, significantly contributing to the company’s growth.
In contrast, Elon Musk’s net worth stands at around $385 billion, largely tied to Tesla and SpaceX. Tesla’s shares have declined by around 13-14% this year, affecting Musk’s wealth and allowing Ellison to take the top spot.
This marks the first time Ellison will become the world’s richest person. Notably, Ellison and Musk share a close relationship, with Ellison often regarded as a mentor figure to Musk .
Ellison’s wealth leap is not just a result of his business acumen but also a reflection of Oracle’s strategic investments in AI and cloud computing.
